How do you pay your deposit (resale) once the offer is accepted?

[MicheyMouse]

Planning ahead - do they take the 10% down via credit card (with fee?) or do they usually require a wire transfer? This would be for a Florida resale purchase.

 

[eticketplease]

Planning ahead - do they take the 10% down via credit card (with fee?) or do they usually require a wire transfer? This would be for a Florida resale purchase.

This would depend on the title company doing the escrow. Some have you mail funds, others allow a credit card and some have you wire it.

You are allowed to pick your own title company and not just the one that the broker states.
There are many posts about experiences with the different companies out there.

 

[AstroBlasters]

Planning ahead - do they take the 10% down via credit card (with fee?) or do they usually require a wire transfer? This would be for a Florida resale purchase.

I’ve always put the max down with credit card to get points…. even if it’s more than 10%.

 

[cruisehopeful]

It depends on the closing company. You can specify if you want a certain one. I tried buying through DVC resale market and they said I could put $2k on a credit card for deposit. Disney took the contract. The next place I bought from used Mason title and they said I could put $7500. down with a credit card, which is what I did. They also would have accepted a wire transfer and as low as $1k for a deposit. I wanted to max out my credit card points.

 

[Best Aunt]

If you are using https://www.masontitle.com/, you can put up to $7,500 on a credit card with no fee. They charge a 3% fee on any amount you put on a credit card over $7,500.

The $7,500 includes the amount you want to charge for the deposit plus the amount you want to charge which is due for closing.

I think some companies might have (or have had) a rule where you could put the deposit on a credit card, but the amount due at closing had to be by bank check or wire transfer. For https://www.masontitle.com/ that is not the case at this time.

Maybe it goes without saying, but if you are contemplating putting more than $7,500 on a credit card, you would want to compare the 3% fee versus:
a) what your bank would charge for a wire transfer,
or
b) what your bank would charge you for a bank check plus what you would pay USPS/FedEx if you wanted to send that check via overnight service.

 

[eticketplease]

If you are using https://www.masontitle.com/, you can put up to $7,500 on a credit card with no fee. They charge a 3% fee on any amount you put on a credit card over $7,500.

The $7,500 includes the amount you want to charge for the deposit plus the amount you want to charge which is due for closing.

I think some companies might have (or have had) a rule where you could put the deposit on a credit card, but the amount due at closing had to be by bank check or wire transfer. For https://www.masontitle.com/ that is not the case at this time.

Maybe it goes without saying, but if you are contemplating putting more than $7,500 on a credit card, you would want to compare the 3% fee versus:
a) what your bank would charge for a wire transfer,
or
b) what your bank would charge you for a bank check plus what you would pay USPS/FedEx if you wanted to send that check via overnight service.

You forgot option C
Will the points from a CC sign up bonus be worth more than the 3%. Of course YMMV but a lot of time the points earned more than pay for the fee.

 

[Steelers0854]

We also had an excellent experience with www.masontitle.com, we put the 7500 on our CC and wired the rest.

 

[dealz2012]

Mason title 7500 and then fund with a new CC signup that hopefully has a decent 0% intro offer.

We did freedom unlimited, 1.5% back and 15 months 0%

Mason forgot to tack on the CC fee so that was a bigger win than planned.

 

[epcothotel]

Capital One Venture has an insane sign up offer right now, $750 in miles and $250 in travel credit after $4k spend, -$95 annual fee + 2% back on everything. I used Mason title and they told me as well that $7500 can be placed on a card with anything over being subject to a 3% fee; however, they never charged me a 3% fee on the overage (it was around $800 over), so I ended up getting a bit over $1k back after all said and done.

 

[nedlanders]

No cc fee up to $7,500 is big! What were closing costs using Mason?

 

[Steelers0854]

No cc fee up to $7,500 is big! What were closing costs using Mason?

We paid $300 to close a 100 point CCV contract about 18 months ago.

 

[epcothotel]

No cc fee up to $7,500 is big! What were closing costs using Mason?

around $450 on a 60 point contract with Mason

 

[jolynne28]

We are using www.dvctitleandescrow.com for our current purchase and were allowed to put $7,500 on our cc for the deposit.

 

[nedlanders]

We are using www.dvctitleandescrow.com for our current purchase and were allowed to put $7,500 on our cc for the deposit.

Nice! Do they charge credit card fee? Smooth process so far?

 

[TheDailyMoo]

Either put the max on a card with a huge sign up bonus and use those points in turn to transfer to airline partners and fly to your vacations for free

or

put the max on a 15, 18, or even 24 month interest fee card with a small SUB and immediately put that cash you would've used to pay for the contract into an appropriately timed T-Bill or CD and voila...your purchase price just went down by that much.